The role of machine learning in real-time fraud detection

As the rate of fraud continues to increase, being able to detect such transactions and stop them before they are completed clearly needs to be a top priority for banking institutions. With the overall number of transactions rising hugely, and developments such as real-time payments helping make settlements faster, the solutions banks have in place for fraud detection are coming under more pressure than ever. In many cases, these systems will only have a matter of milliseconds to determine whether a transaction is genuine. The good news for banks, however, is that technological advancements can provide them with many more options for meeting these challenges, thanks to a new generation of big data analytics and machine learning applications. More data, more opportunities As more people turn to digital solutions for…